why would i need to have estate lawyer

One of the primary reasons you need to work with an estate planning lawyer is to make sure your assets will provide for your family’s future. You may want to provide financial support for your children, grandchildren, or someone in your family with special needs. Those provisions often require trusts or special accounts to secure funds.

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How do you become a real estate lawyer?

Success Tips:

• Complete elective classes about real estate. Law schools may offer elective courses specifically designed to prepare students for practicing real estate law. ...
• Complete a clinical experience. Clinical experiences are often available in multiple legal fields, including real estate law. ...
• Consider concentrating in real estate law. ...

What Attorney handles estates?

Read on to learn more about what estate lawyers do and how you can enter this profession. An estate lawyer is a bar certified attorney who specializes in estate planning and assists clients in drafting and implementing legal documents, including wills and trusts.

Do you need a lawyer to buy a house?

You don't always need a lawyer to buy a house, but real estate attorneys provide many valuable services and can actually help you save money in the long-run or avoid buying the wrong property.

How much do lawyers charge for probate?

Lawyers usually use one of three methods to charge for probate work: by the hour, a flat fee, or a percentage of the value of the estate assets. Your lawyer may let you pick how you pay—for example, $250/hour or a $1,500 flat fee for handling a routine probate case. Many probate lawyers bill clients by the hour.

Why is estate planning important?

Estate planning is important for everyone, no matter their age or wealth. Estate planning avoids taxes and legal tie-ups, and ensures funds are bequeathed as you wish. An estate plan appoints the right people to take care of your kids and even you if you're incapacitated.

What is the estate planning process?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

What is the first step in estate planning?

Step 1: Sign a will You need one to ensure that your chosen heirs will get the assets that you want to leave to them. In your will, you name an executor who will have the power and responsibility to pay your debts and distribute the remainder of your estate according to your wishes.

What is the first step in the estate planning process?

Seven steps to basic estate planningInventory your stuff. You may think you don't have enough to justify estate planning. ... Account for your family's needs. ... Establish your directives. ... Review your beneficiaries. ... Note your state's estate tax laws. ... Weigh the value of professional help. ... Plan to reassess.

2. You need to plan charitable donations

Many people want some of their lifetime earnings to go to a charitable organization after they die. However, it can be difficult for an estate administrator to know exactly how much and to which organizations you wish to donate. By leaving specific instructions through estate planning documents, you can ensure your wishes will be carried out.

3. You own real property

If you own a home or other real property, it can be difficult to split its value after your death. Family members and your estate administrator may be unsure of what you want to do with your property. Through careful estate planning, you can establish legal documents that detail your wishes regarding your real property.

4. You want to leave specific belongings to people

If there are people you want to leave specific belongings to, then you should have a detailed will and other estate planning documents to ensure your estate administrator is aware of your wishes. If you die without a will or intestate, then your spouse and children may get everything.

5. You want to avoid challenges to your estate

You may want to give all your assets to one person or spread them out amongst family and friends. However, you wish to distribute the assets you accumulated throughout your life, you should make an estate plan that clearly details those desires.

How does estate planning help?

Taxes can rip the bottom out of your generosity to your heirs. Estate planning helps you to choose options with the least amount of tax burden. In all honesty, careful estate planning can reduce the amount of federal and state estate taxes that needs to be paid on inheritance.

What happens to your estate after you die?

After you’ve died, your estate plan will be examined by judges to ensure that your documents meet the requirements of the law. Often do-it-yourself estate plans won’t meet those standards. When that happens, your wishes are lost.

Why are wills important?

Back in the day, only the rich created wills. However, wills are useful for any family or individual because these wills can provide for your loved ones even after you can no longer care for them. Without a will in place, the legal system will try to decide who receives your assets.

What is an estate plan?

An estate plan is a set of legal documents that lays out protections and plans for your assets. These legally binding documents ensure that your wishes are carried out.

What is an estate lawyer?

An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.

How to leave assets to stepchild?

To leave assets to a stepchild, stepparent, or half-sibling, consider working with an estate lawyer. Most people could benefit from working with an estate planning attorney, but it may not be necessary (and you may not want to pay for it) in many situations. On the other hand, people in certain situations may need the help ...

Can you pass on your estate if you aren't survived?

This only happens if you aren’t survived by a spouse or child, but a solid estate plan will protect your assets and allow you to pass on as much of your estate as possible. If this is your situation, you may want to look for an estate lawyer who specializes in elder law. You want to set up an irrevocable trust .

Do you need a guardian if you have a special needs person?

You have immediate family members with special needs or who will require a guardian . If you provide care for anyone who has special needs or is incapacitated ( cannot care for themselves) then you probably need to appoint a guardian for them in your estate planning documents.

Can you bequeath assets to someone who isn't a citizen?

You have foreign property or assets . You’re planning to bequeath assets to someone who isn’t a citizen . You could also run into issues if you plan to name an executor who isn't a legal U.S. resident. Certain tasks, like getting a tax ID to open an estate account, may not be possible for nonresidents.

What happens if you don't have an estate plan?

Without an estate plan, you and your estate may end up paying more in the long run in professional fees, court costs, and taxes. Using a flat rate with an attorney will be much more straightforward and to your long-term economic advantage.

How many documents are needed for an estate plan?

A will is just one of those legal documents, albeit an important one. In fact, there are at least six “must have” estate planning documents you need. So, you don’t need to draft just one legal document and get it right, but several.

Do you need a will or estate plan?

Always remember, and never forget, you don’t just need a will, you need an estate plan. While the two terms “will” and “estate plan” are often used interchangeably, this is wrong, as they are two different things. An estate plan is a set of legal documents to prepare for your death or disability.

Why do you need a probate attorney?

Let’s take a look at some of the top reasons to hire one. 1. Keep the Family from Conflict. Hiring a probate attorney is a great way to prevent needless family conflict. Without a lawyer, many family members may want to be a part of the probate process, which adds to the conflict and confusion. If you don’t allow them to participate, they might ...

What happens if you don't allow probate?

But the more people get on board, the more difficult the process becomes. Tensions can arise when people disagree on the best way to approach probate issues.

What happens if probate is not done?

If probating doesn’t get done right, the person in charge of the estate can become liable for any mistakes made in distribution. It’s incredibly difficult for someone without a thorough working knowledge of the law to probate an estate.

What happens when family members don't agree with probate?

When family members don’t agree with the probating process, lawsuits can be the result . These lawsuits are expensive and time-consuming, and when they involve family members, they can also be emotionally exhausting.

What happens when someone passes away?

When someone passes away, there’s often at least one defendant who tries to make a claim against the estate. This often happens when a family member or spouse wasn’t mentioned in the will but feels like they should have been.

What is the process of determining if a will is valid?

The process of deciding that a will is valid and accurate is called “probating an estate.”. In this step, the court takes a look at the will and decides that it’s valid. Describing the process is simple, but the actual process is not so straightforward.

Do you have to take care of debts when you die?

As mentioned above, the deceased might have owed some debts when they passed. Taking care of these financial responsibilities may not be easy, but it is necessary. You’ll need to spend more time on these debts if the deceased had a complex financial situation.

What happens if there is not enough money in an estate?

But if it looks like there won't be enough money in the estate to pay debts and taxes, get advice before you pay any creditors. State law will set out the order in which creditors get priority, and it's not always easy to figure out how to parcel out the money. The estate won't owe either state or federal estate tax.

How many states impose estate taxes?

More than 99% of estates don't owe federal estate tax, so this isn't likely to be an issue. But around 20 states now impose their own estate taxes, separate from the federal tax—and many of these states tax estates that are valued at $1 million or larger.

What are the tasks that require expertise and experience?

Managing, appraising, and selling a business are all tasks that require some expertise and experience. You'll probably want expert advice. No one is fighting. If disgruntled family members want to contest the will, or are threatening a lawsuit over the will, get a lawyer's help right away.

Is probate easier in states?

Probate is easier in states that have adopted the Uniform Probate Code (a set of laws designed to streamline probate) or have simplified their own procedures. The estate doesn't contain a business or other complicated asset.

Do you need probate if you have a trust?

But you won't need probate if all estate assets are held in joint ownership, payable-on-death ownership, or a living trust, or if they pass through the terms of a contract (like retirement accounts or life insurance proceeds). The estate qualifies for simple "small estate" procedures.

Can executors wind up estates?

Many executors decide, sometime during the process of winding up an estate, that they could use some legal advice from a lawyer who's familiar with local probate procedure . But if you're handling an estate that's straightforward and not too large, you may find that you can get by just fine without professional help.

Can you transfer property without probate?

Most or all of the deceased person's property can be transferred without probate. The best-case scenario is that you don't need to go to probate court, because assets can be transferred without it. This depends on the planning the deceased person did before death—you can't affect it now.